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Saudi Arabia Cuts U.S. Oil Exports to Work Down Global Supply Glut
h/t Instapundit[WSJ] The state-owned Saudi Arabian Oil Co. expects its sales to the U.S. will drop below one million barrels a day in June, then slide to about 850,000 barrels a day in July, according to people familiar with the matter. The July figure would be the its lowest export total to the U.S. for that month since 1988, based on figures from the U.S. Energy Information Administration. Saudi Aramco expects its August exports to decline by another 100,000 barrels a day, these people said, which would be the lowest export amount for that month since 2009. Many oil traders have questioned whether production cuts by the Organization of the Petroleum Exporting Companies have done much to reduce a persistent global supply imbalance, in part because U.S. companies have rushed to fill any void left by OPEC. What a change from 1973 Posted by: g(r)omgoru 2017-06-13 |
| http://www.rantburg.com/poparticle.php?ID=490319 |